Business

GCMD and ADB to advance green financing pathways for maritime decarbonisation

ADB and GCMD are partnering to combine their complementary strengths—exchanging knowledge from GCMD’s pilots and ADB’s financing expertise—to address barriers in green financing.

Published

1 year ago

May 9, 2025

Admin

GCMD and ADB to advance green financing pathways for maritime decarbonisation

The Global Centre for Maritime Decarbonisation (GCMD) on Thursday (8 May) announced a knowledge partnership with Asian Development Bank (ADB), signed during the launch of its Sustainable and Resilient Maritime Fund (SRMF) at its annual meeting in Milan.

The partnership—GCMD’s first with a multilateral development bank —complements its diverse pool of centre-level partners.

The partnership aims to advance green financing pathways that support a sustainable and resilient maritime sector by leveraging ADB’s strength in mobilising resources across its global network and GCMD’s expertise in addressing operational complexities through real-world pilot projects.

SRMF aims to enable a future-ready maritime transport system through these focus areas: invest in resilient port infrastructure, accelerate adoption of alternative fuels, close financing gaps, and foster regional policy harmonisation.

By lowering fuel consumption, EETs are considered a “no-regrets approach” to reducing emissions in the maritime sector. Yet, EET adoption faces significant hurdles primarily arising from the challenges to accurately quantify fuel savings, which translates to an uncertainty in return on investment.

To address this gap, GCMD is currently developing and testing methodologies to validate fuel savings through the deployment of onboard sensor installations. By providing clear attribution of fuel savings to specific technologies, GCMD aims to implement Pay-As-You-Save (PAYS), a financing model proven in other sectors. Under PAYS, upfront investments in EETs can be repaid over time, with payments directly tied to verified fuel savings. This approach aligns stakeholder interests and fosters risk-and-reward sharing.

ADB and GCMD are partnering to combine their complementary strengths—exchanging knowledge from GCMD’s pilots and ADB’s financing expertise—to address barriers in green financing. By grounding green financing in verified emissions reduction data, the collaboration aims to build investor confidence, unlock capital for bankable, scalable decarbonisation solutions, and accelerate the widespread adoption of EETs in the maritime sector.

Professor Lynn Loo, CEO of GCMD, said: “At this critical juncture, the IMO’s announcement of a global emissions pricing mechanism sends the clearest signal yet that urgent action is required—not only to advance decarbonisation, but also to safeguard the long-term commercial viability of shipowners.

“Energy efficiency technologies (EETs) can play a vital role by reducing fuel consumption, thereby lowering the penalties shipowners will face under IMO’s framework. We believe that the Pay-As-You-Save (PAYS) model can uniquely accelerate and scale the adoption of these critical solutions.

“In this context, we value the opportunity to leverage ADB’s extensive global network to drive meaningful progress, particularly in unlocking financing to support sustainable growth of the maritime industry.”

Mr. Hideaki Iwasaki, Director General, Sectors Department 1, ADB, said: “ADB’s partnership with the Global Centre for Maritime Decarbonisation reflects our shared commitment to unlocking private capital and accelerating the deployment of clean technologies in the maritime sector.

“Through the Sustainable and Resilient Maritime Initiative and associated new funding arrangements being developed, we are supporting our client countries to modernise ports, strengthen regional trade connectivity, and de-risk investments that drive greener, more resilient supply chains. Together with GCMD, we aim to bridge the gap between innovation and implementation.”

Photo credit: Global Centre for Maritime Decarbonisation
Published: 9 May, 2025

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Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

11 hours ago

July 21, 2026

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Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

12 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

12 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026